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Toronto, Ontario – June 27, 2022 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to provide an update for the ongoing 20,000 metre diamond drilling program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project (“Hook”), Athabasca Basin area (the “Basin”), northern Saskatchewan (see Figure 1 and Table 1).
“Four of these reported drill holes now rank amongst the top six in composite radioactivity results, as Baselode continues to expand upon its ACKIO near-surface discoveries. These results demonstrate high levels of radioactivity but also considerable widths of mineralization. Additionally, results from AK22-063 suggest that we’ve discovered another near-surface zone. The remainder of the drill program will seek to delineate the extent of these near-surface zones as they remain open in all directions. These discoveries are very shallow, with mineralization beginning 25 metres from surface at the overburden contact, similar to the open-pit mines in the Athabasca’s history, most notably Rabbit Lake, Cluff Lake, and Uranium City operations,” said James Sykes, CEO, President and Director of Baselode.
The Company has prepared a video presentation providing technical details and interpretations of the Program results. The video discusses:
Drill hole highlights include;
And 745 cps over 14.75 m at 137.25 m which includes
And 819 cps over 7.1 m at 167.5 m which includes
Drill holes AK22-052 and AK22-053 were follow-up drill holes to AK22-051 which was the first drill hole off the drill pad (2,320 cps over 30.1 m at 27.0 m depth, see News Release dated May 31, 2022). Drilling to the north and west of the these drill holes have continued to grow near-surface mineralization in these directions. Drill holes are planned to follow-up the western and southern extents of near-surface mineralization previously identified in drill holes AK22-038 and AK22-041.
Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 61 drill holes (AK22-005 to AK22-065) for 17,935.50 m (see Figure 1). Thirty-three of sixty-one drill holes have intersected continuously elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-052 to AK22-065) are provided in Table 1.
Samples from these reported fourteen drill holes have been submitted to the Saskatchewan Research Council’s Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U3O8 analysis. Uranium assay results will be released as they are received after being compiled and thoroughly checked by the technical team.
ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.’s (TSX: CCO) and Orano’s McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area.
About Baselode Energy Corp.
Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
Baselode’s Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company’s preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
For further information, please contact:
Baselode Energy Corp.
FIND on the TSXV
James Sykes, CEO, President and Director
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